Group 1 - The event "Party Building Leading Industry Innovation Joint Construction Mechanism Series Activities" was launched in Beijing, aiming to deepen the integration of party building and production operations, and to promote high-quality development through strong social responsibility of state-owned enterprises [1][3] - The establishment of the joint construction mechanism is driven by the common need for "party building leading innovative development," enhancing organizational synergy and injecting strong momentum into the industrial innovation of state-owned enterprises [3][5] - The number of member units in the joint construction mechanism has expanded from 3 to 15, indicating a growing collaboration and support among enterprises, which has led to improved operational channels and innovation potential [3][7] Group 2 - The joint construction mechanism has achieved significant results in various fields, including healthcare, financial technology, cultural tourism innovation, and product development, demonstrating a successful integration of party building and business operations [9] - The fourth batch of member units, including Beijing Light Industry Holding Co., Beijing General Artificial Intelligence Research Institute, and Beijing University of Commerce, joined the mechanism, further broadening its scope and impact [7][11] - The "Beneficial People’s Market" event organized by member units aims to deliver high-quality products to communities, enhancing public welfare and boosting consumption [11][13]

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, anticipating that the industry index will outperform the market index by over 10% in the next six months [31]. Core Viewpoints - The upcoming summer peak season is expected to make the 2025 summer tourism market the most vibrant yet, with an estimated 150 million passenger trips in civil aviation during the summer transport period (July-August), representing a year-on-year growth of 5.4% [21][31]. - The report highlights the entry of JD.com into the hotel and travel industry, which may trigger competition in the OTA sector and stimulate travel demand [19][31]. - Various local tourism development policies are expected to be enhanced before the summer season, which could improve expectations and valuations for tourism attractions and related sectors [31]. Summary by Sections Market Review - From June 13 to June 26, 2025, the CITIC consumer services industry index experienced a slight decline of 0.21%, underperforming the CSI 300 index by approximately 1.59 percentage points [8]. - The performance of sub-sectors varied, with tourism, hotels, and education sectors declining, while the comprehensive services sector saw a rebound [9]. - A total of 22 listed companies in the industry achieved positive returns, with the top five performers being Junting Hotel, Tianmu Lake, Changbai Mountain, Huangshan Tourism, and Chuangye Heima, showing increases of 9.08%, 5.42%, 5.41%, 4.90%, and 4.73% respectively [13]. - The overall PE (TTM) for the CITIC consumer services industry is approximately 30.70 times, slightly down from previous periods and below the average valuation of 49.69 times since 2016 [16]. Industry News - The report notes significant developments, including the expected increase in civil aviation passenger transport during the summer, with a forecast of 1.5 billion trips and over 240 million daily passengers [21]. - The National Development and Reform Commission plans to focus on promoting the development of the sports and cultural tourism industry [23]. - The release of the top 60 hotel groups in China shows stability in rankings, with notable upward trends for Atour Group and eLong Hotel Technology [24]. Company Announcements - Key announcements from listed companies include Nanjing Business Travel's adjustment of asset acquisition plans and Jinjiang Hotel's approval for H-share issuance [25][26]. Weekly Perspective - The report suggests focusing on cyclical sectors such as exhibitions, human resources, and education, which may benefit from policy expectations due to economic fluctuations in the second half of the year [31]. - Recommended stocks include Jinjiang Hotel, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, Tianmu Lake, Jiuhua Tourism, and Songcheng Performance, among others [32].

Core Viewpoint - Shenzhen is advancing its comprehensive reform pilot program to enhance innovation and development, focusing on education, technology, and talent integration as foundational elements for modernization [3][4]. Group 1: Reform Initiatives - Shenzhen has implemented several key documents to promote innovation, including plans to strengthen the role of enterprises in technological innovation and to enhance talent policies [3][5]. - The city aims to maintain enterprise R&D investment at around 95% and has set specific targets for scientific research and innovation projects [5]. - Shenzhen will adopt a "nail-driving spirit" to ensure the effective implementation of the reform initiatives outlined in the new policy [4]. Group 2: Education System Development - The education sector in Shenzhen is experiencing significant growth, with 17 universities and numerous collaborative projects between schools and enterprises [6]. - The city plans to build a first-class education system to better support technological innovation and talent development [6]. Group 3: Talent Attraction and Development - Shenzhen ranks among the top three cities in China for talent attraction and has been particularly successful in attracting young talent [7]. - The city is enhancing its support mechanisms for overseas talent and aims to create a favorable environment for talent development [7][8]. - Shenzhen is committed to establishing a comprehensive talent policy that encourages continuous growth and innovation among its workforce [8].

Group 1: Foreign Investment and Economic Cooperation - In the first five months of 2025, China's non-financial direct investment abroad reached $61.6 billion, a year-on-year increase of 2.3% [2] - Investment in countries participating in the Belt and Road Initiative amounted to $15.52 billion, growing by 20.8% [2] - The total revenue from foreign contracted projects was $61.94 billion, up 5.4%, with new contracts signed totaling $98.68 billion, an increase of 13% [2] Group 2: Multinational Companies Summit - The recent summit attracted 570 guests from 43 countries, focusing on new investment opportunities in areas like artificial intelligence and the silver economy [5] - The summit aimed to enhance foreign companies' confidence in investing in China and showcased China's commitment to high-level opening-up [5][6] - The Ministry of Commerce plans to implement policies to address foreign companies' concerns and improve the investment environment [6] Group 3: Trade Promotion Activities - The "Foreign Trade Quality Products Tour" has successfully helped over 19,000 foreign trade enterprises and buyers, generating a transaction volume of 24.8 billion yuan [8] - The initiative aims to integrate foreign trade products into the domestic market, with over 700 offline counters established in retail chains [8] - Future plans include hosting over 330 additional events to enhance the impact of the tour and improve policy support for participating enterprises [9] Group 4: South Asia Economic Cooperation - The 9th South Asia Expo recently concluded with signed trade contracts exceeding 8.6 billion yuan, promoting economic ties between China and South Asian countries [10] - Future efforts will focus on expanding economic cooperation, enhancing supply chain integration, and maintaining a multilateral trade system [11] Group 5: Rare Earth Export Regulations - The Ministry of Commerce is expediting the review of rare earth export license applications to stabilize global supply chains [12] - Ongoing communication with relevant countries is emphasized to facilitate compliant trade and address concerns raised by the EU regarding rare earth shortages [12]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][10]. Core Insights - The company, Xue Da Education, has shown stable growth in personalized education and diversified its profit structure. In 2024, the company achieved a revenue of 2.786 billion yuan, a year-on-year increase of 25.90%, and a net profit attributable to shareholders of 180 million yuan, up 16.84% year-on-year [5][6]. - The company is in a continuous expansion phase, with a flexible financial resource allocation for subsidiaries, allowing for quicker decision-making in market opportunities [7]. - The business has diversified into various sectors, including personalized education, vocational education, bookstores, and medical education, with significant progress in each area [8]. Financial Performance Summary - In 2024, the company reported a total revenue of 2.786 billion yuan, with a growth rate of 25.90%. The net profit attributable to shareholders was 180 million yuan, reflecting a growth of 16.84% [11]. - For 2025, the expected revenue is projected at 3.391 billion yuan, with a growth rate of 21.73%, and the net profit is anticipated to reach 252.57 million yuan, a growth of 40.56% [11]. - The company’s EBITDA for 2024 was 543.56 million yuan, with projections of 622 million yuan for 2025 [11]. Business Expansion and Strategy - The company has expanded its personalized learning centers from over 240 to more than 300, covering over 100 cities in China, and has increased its bilingual school enrollment to 5,000 students [8]. - The vocational education segment has seen acquisitions of two schools, focusing on specialized and urgently needed talent in the low-altitude economy sector [8]. - The medical education segment has launched a sub-brand, Qian Yi Health, to provide rehabilitation services for children with conditions like ADHD [8]. Future Outlook - The report forecasts revenues of 3.4 billion yuan in 2025, 4.1 billion yuan in 2026, and 4.7 billion yuan in 2027, with corresponding net profits of 253 million yuan, 304 million yuan, and 366 million yuan respectively [9][11]. - The expected EPS for 2025, 2026, and 2027 is projected to be 2.07 yuan, 2.49 yuan, and 3.01 yuan, respectively, indicating a favorable growth trajectory [9][11].

Group 1: Market Overview - The US stock market exhibited a mixed performance, with the Dow Jones Industrial Average down 0.25%, the Nasdaq Composite up 0.31%, and the S&P 500 closing flat [1] - Nvidia's stock surged over 4%, leading to a market capitalization increase of $156 billion (approximately 1.12 trillion RMB), reclaiming its position as the world's most valuable company at $3.77 trillion [1][2] - Chinese concept stocks showed significant divergence, with the Nasdaq Golden Dragon China Index down 0.6%, while stocks like Futu Holdings and ZTO Express saw gains [1][3] Group 2: Nvidia's Performance - Nvidia's stock rose 4.35%, reaching a historical high, driven by strong earnings and CEO Jensen Huang's strategic outlook [2] - Huang highlighted robotics as the next trillion-dollar market for Nvidia, with autonomous vehicles being the first commercial application [2][5] - Nvidia's data center revenue surged 427% year-over-year, indicating robust demand for AI chips [2] Group 3: Chinese Concept Stocks - Chinese tech stocks faced collective declines, with major players like Alibaba and BYD dropping over 2% [3] - Despite the downturn, some Chinese stocks like Futu Holdings and JD.com showed resilience, with Futu's growth attributed to its cross-border financial services [3] - The divergence in Chinese stocks reflects complex investor expectations regarding the US-China tech competition [3] Group 4: Other Tech Stocks - Tesla's stock fell 3.1%, marking its largest single-day drop in nearly a month, influenced by slowing delivery growth and regulatory challenges in autonomous driving [4] - In contrast, Google and Microsoft saw slight increases, with Google reaching a historical high due to the successful commercialization of its AI model Gemini [4] Group 5: Future Outlook - The ongoing divergence in tech stocks is expected to continue, with AI leaders like Nvidia and Google likely to benefit from technological advancements [8] - The robotics sector may become a new focal point in the market, especially following Huang's "robot blueprint" announcement [8] - Investors should remain cautious of geopolitical risks and regulatory changes affecting Chinese tech stocks, while long-term innovation and market demand will support their valuations [8]

Core Viewpoint - Shenzhen Municipal Bureau of Commerce has issued measures to promote high-quality development of service consumption, focusing on expanding openness in the service sector [1] Group 1: Service Sector Expansion - The measures aim to deepen the expansion of the service industry to foreign markets [1] - Support for pilot programs in the medical field, including biotechnology and wholly foreign-owned hospitals, to enhance openness [1] - Gradual relaxation or removal of restrictions on service trade under cross-border delivery, overseas consumption, and individual mobility models [1] Group 2: Market Access and Innovation - Continuous efforts to relax market access in telecommunications, education, elderly care, medical, and health services [1] - Active participation in the creation of national service trade innovation and development demonstration zones [1]

【导读】获虚拟资产交易牌照，国泰君安国际狂飙超198%！ 中国基金报记者 郭玟君 6月25日，恒生指数收涨1.23%，报24474.67点，连涨4日，创三个 多 月 来的 新高；恒生科技指数涨1.15%，恒生中国企业指数涨 1.13%。全日市场成交额 为 2678亿港元，较前一交易日有所增加。南向资金净买入95.74亿港元。 | 恒生指数 | 恒生国企 | 恒生科技 | | --- | --- | --- | | 24474.67 8859.29 | | 5359.02 | | +297.60 +1.23% +98.84 +1.13% +61.06 +1.15% | | | 从盘面来看，Wind概念板块多数上涨，中资券商指数涨11.75%，本地券商指数涨6.88%，中资教育指数涨6.08%。跌幅方面，安防监控 指数领跌6.91%，烟草指数跌2.52%，电子烟指数跌2.52%。 获虚拟资产交易牌照 新东方上涨8.85%，恒隆地产涨8.79%，金沙中国有限公司涨5.99%，领涨蓝筹。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company's education business is expected to see a recovery in profit margins, and regular share buybacks may enhance its valuation [2][8] - The projected revenue for Q4 FY25 is $1.186 billion, representing a year-on-year growth of 4.4%, with the education segment (including cultural tourism) contributing $1.034 billion, a 13.3% increase [5] - Non-GAAP net profit attributable to the parent company is forecasted to be $51 million, a 39.2% increase year-on-year, with a Non-GAAP net profit margin of 4.3%, expanding by 1.1 percentage points [5][7] Revenue and Profitability - The report anticipates a slowdown in the growth of the study abroad business, projecting a revenue of $298 million for Q4 FY25, a 5% increase, which is a deceleration of 12.5 percentage points compared to the same period last year [6] - New business segments, including K9 competency training and learning machine services, are expected to grow by 34% year-on-year to $311 million in Q4 [6] - The company is expected to improve its Non-GAAP operating profit margin to 3% in Q4, reversing the decline seen in Q3 [7] Financial Projections - Revenue forecasts for FY25 to FY27 have been slightly adjusted to $4.84 billion, $5.8 billion, and $7.03 billion respectively [8] - Non-GAAP net profit estimates for FY25 to FY27 have been raised to $467 million, $575 million, and $710 million respectively [8] - The DCF target price has been increased to $76.3, corresponding to a PE ratio of 17.1 for FY25 [8]

Core Viewpoint - The People's Bank of China and six other departments have jointly released guidelines to enhance financial support for consumption, aiming to stimulate economic growth through a series of 19 key measures focused on various aspects of consumer finance [1][3]. Group 1: Financial Support Measures - The guidelines propose a comprehensive support system for consumption through financial innovation, creating a virtuous cycle of "policy guidance - financial supply - consumption upgrade" [1]. - Key measures include enhancing consumer capacity, expanding financial supply in consumption sectors, and optimizing the consumption environment [1][3]. - A specific focus is placed on providing 500 billion yuan in low-interest loans (1.5%) to stimulate credit investment in service consumption and elderly care [1][3]. Group 2: Financing Channels - The guidelines emphasize the need to solidify the macroeconomic financial foundation by supporting employment and optimizing insurance coverage [3]. - Financial institutions are encouraged to issue loans to key service sectors such as retail, hospitality, and education, enhancing the quality and efficiency of service consumption [3][4]. - The guidelines also promote diversified financing channels, including bond and equity financing for qualified enterprises in the consumption sector [4]. Group 3: Consumer Potential Release - The new policies are seen as crucial for stabilizing economic growth amid global uncertainties and domestic economic pressures, with consumption being a key driver [5][6]. - Specific areas of focus for financial support include goods consumption, service consumption, and new consumption models [6][7]. - The guidelines advocate for personalized financial products tailored to the unique characteristics of service consumption [7]. Group 4: Strengthening Financial Services - The guidelines call for the optimization of payment services to enhance consumer experience across various payment methods [9]. - A robust credit system is to be established, leveraging national credit information platforms to improve the identification of consumer credit status [9]. - Consumer rights protection mechanisms will be strengthened to ensure transparency and compliance in financial services [9]. Group 5: Long-term Economic Impact - The policies aim to create a synergistic relationship between government guidance and market mechanisms, addressing supply-demand mismatches while facilitating industrial transformation [10]. - The anticipated outcome is a dual upgrade in supply and demand within the consumption market, contributing to high-quality economic development and improved living standards [10].